Careers In Real Estate Management

Careers in Real Estate
Management
Is a career in real estate
management in your future?
IREM
Are you seeking a career that offers the opportunity for
challenge and advancement? A job filled with interesting
work? A place where you can make a difference in the lives
of others? A fast-paced, ever-changing environment that
rewards effort and ambition?
If so, a career in real estate management may be just
what you are looking for.
Today's real estate manager is much more than someone
who maintains the building and collects the rent they
have a real and immediate influence on the quality of life.
The real estate management industry is on the lookout
for talented professionals who are seeking this kind of
opportunity:
Those with attention to detail and the ability
to communicate with a variety of people
Those who are technologically savvy and
problem solving
Those who already have strong skill sets but
are looking to learn more through training
and mentorship
In evaluating career options, four key questions
commonly come to mind:
1. What would I do in the job?
2. How do I prepare for career success?
3. How do I get started?
4. How much can I expect to earn?
This booklet, developed by the Institute of Real
Estate Management (IREM) and funded by the IREM
Foundation, is intended to serve as an introduction to the
wide array of career opportunities that exist today in the
exciting world of real estate management.
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CAREERS IN REAL ESTATE MANAGEMENT
What Would I Do in the Job?
2
IREM
Real estate management is the administration, operation,
marketing, maintenance, and financial oversight of
a property in order to achieve the objectives of the
property's owner. It is a service business, and as such,
managers work closely with both the owners of the
properties they manage and the tenants and residents
who reside and work within these properties.
Real estate management requires the utilization of the latest
technology to increase operating efficiencies, maximize
revenue streams, and monitor property performance.
A real estate manager's primary
responsibilities fall into five areas:
1. Financial management budgeting,
accounting, financial and investment
analysis, leverage, financing
2. Marketing and leasing marketing plans
and strategy, advertising and preparing
the space for rent, showing the property,
negotiating leases, establishing rents
3. Management of the physical property
maintenance, inspections, operations,
capital improvements, sustainability
4. Human resource management
managing and leading the people who
maintain and support the property's
operations
5. Legal and risk management
insurance, emergency planning,
government regulations, contracts, leases
Beyond these general functions, the
duties and responsibilities vary to
some degree based on:
The position that is held
The type of property that is managed
The employer or property owner
" The most exciting part
of property management
is that every day is
different; there is always
something new to learn."
Joann Gaskins,
Hampton University,
Class of 1986
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CAREERS IN REAL ESTATE MANAGEMENT
Positions In
Real Estate
Management
Real estate management offers
career opportunities at many
levels ranging from front-
line site managers to company
executives. In addition, a variety
of positions accounting,
marketing, leasing, maintenance,
human resources support
overall real estate management
responsibilities.
Specific real estate management
positions generally fall into these
broad categories:
Site Manager/Community Manager
Property Manager
Regional Manager
Asset Manager
Management company executive
Site Manager/Community Manager
A site manager is responsible for the day-to-day
operations of a single property. The site manager forms
an essential link between the property's tenants and
residents and the property manager. Charged with
responsibility for routine operations, the site manager typically
is accountable for:
Maintenance of the physical plant, ensuring that
the property is properly maintained, and routinely
inspecting the grounds and equipment to determine if
repairs or maintenance are needed.
Dealing with technical operations, such as mechanical
and electrical systems.
Marketing and leasing the property, showing vacant
space, negotiating and enforcing the terms of rental or
lease agreements.
Tenant and resident relations, including handling
requests for repairs and resolving concerns. For this
reason, strong communication and people skills are
required to perform effectively as a site manager.
Collecting rents and maintaining accurate records
of property activity, including income and expenses,
which enables the property manager to chart the
financial performance of the property.
Supervising site staff, which generally includes
maintenance personnel and leasing agents, as well
as contractors who may be performing a variety of
services at the property.
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IREM
Property Manager
The job title of property manager typically is associated
with a single large property or several properties.
Property managers are directly responsible for
maintaining and creating value in properties. This is
done by improving the net operating income of a property,
which results from optimizing rental and other income to
the property and minimizing operating expenses.
Functions as the liaison between the property owner or
owner's agent and site personnel.
Primary responsibility for the tangible asset, which
the property represents, and focuses on managing
the physical property overseeing the day-to-day
operations of site managers and other site personnel
or work contracted out and on the financial
management of the asset.
Designs a management plan for operations that
is approved by the owner which includes financial
operations, tenant relations, market positioning and
community image building.
Regional Manager
A regional manager, sometimes called a portfolio manager
or supervisor, has responsibility over a large number of
properties, frequently covering a broad geographical area.
A regional manager monitors property performance,
scrutinizing revenues from the portfolio and
analyzing costs to ensure a profitable operation. In
many cases, responsibility for identifying and analyzing
major capital expenditure programs or repositioning a
property to ensure highest and best use rests with the
regional manager. More routinely, regional managers
ensure that the operating and capital budgets for each
property are prepared properly and accurately and
approved and that monthly operating statements prepared
for submission to the owner are in accordance with client
objectives.
Identifies and analyzes major capital expenditure
programs, or repositions a property to ensure highest
and best use.
Recruits and supervises property managers.
Ensures that the operating and capital budgets for
each property are prepared properly and accurately
and approved and that monthly operating statements
prepared for submission to the owner are in
accordance with client objectives.
" Property management has
infinite possibilities and
opportunities for career growth.
The experience you gain in
property management includes
management principles you can
use all throughout your life."
Laketa McMillan,
Saint Augustine's University,
Class of 2011
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CAREERS IN REAL ESTATE MANAGEMENT
Asset Manager
The focus of a real estate asset manager is on the
property as an investment, and decisions made by asset
managers are those that impact a property's financial
performance. In many cases the asset manager is the
representative of the owner and responsible for selecting
a third-party management company and monitoring the
performance of that company.
The definition of asset management continues to evolve,
and the responsibilities an asset manager holds may vary
greatly from one professional setting to the next. Still, as
a rule, the asset manager always has an eye toward
long-term appreciation of the property as well as
short-term cash flow.
The manager progresses through the property's life
cycle and becomes involved in acquisition through
operational oversight throughout the holding period and
eventual sale of the property.
Is mindful of changing market opportunities and
economic factors affecting tenancy.
Has awareness of financial developments that can lead
to alterations in the physical or financial structure of the
project itself.
Is knowledgeable about capital markets and financing
opportunities.
Management Company Executive
A management company executive's area of
concentration is more on the operation of the real estate
management company as a business enterprise and
less on the management of the properties that are being
managed by the company.
The company executive, typically the chief executive
officer, is, above all else, an entrepreneur and the
major producer of new business for the organization.
Optimizes the economic results of the business
operation through effective, strategic management of
its opportunities and resources.
Plans for the company's operation.
Develops and supervises the real estate
management team.
Establishes and enforces company policies
and procedures.
Develops and maintains a technology platform and
infrastructure, executing a viable organizational
structure, and growing the business.
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IREM
The type of property being managed
has a direct impact on the nature of
a real estate manager's work. There
are a wide variety of property types,
each having its own peculiarities
and placing unique demands on the
manager of that real estate. From a
very broad perspective, the types of
properties that require management
fall into two categories: commercial
properties and residential properties.
Properties That
Require Management
" I would tell people looking to get into
property management to explore both
residential as well as commercial
property management. Before IREM,
I had my mind set on working in
residential, but after many great
conversations with IREM members,
I was opened up to new aspects of
commercial property management
and hope to add some retail locations
to my portfolio someday."
Colin Wattonville,
University of Nebraska at Omaha,
Class of 2018
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CAREERS IN REAL ESTATE MANAGEMENT
Managing and leasing shopping centers generally is
more complex because the real estate manager may be
directly responsible for the continued growth and success
of the retail tenants and their business enterprises.
Management determines the tenant mix, with an eye
toward selecting retailers who serve the shopping center's
customer base and complement the center's existing
uses. In addition, managers must provide a clean and
safe environment that appeals to shoppers and participate
in marketing programs that target the demographics and
psychographics of the shopping center's trade area.
COMMERCIAL PROPERTIES
The term "commercial property" in its broadest definition
encompasses all real estate development that is not
exclusively residential and typically refers to properties
where a commercial activity takes place.
Office buildings
Specialty office buildings (most notably medical offices)
Shopping centers, strip centers, malls, retail properties
Research parks
Warehouses (space is leased for storage of inventory
or materials)
Self-storage properties or mini-warehouses
Industrial property (large single-user properties to
incubator space for small business start-ups)
RESIDENTIAL PROPERTIES
Residential properties are those in which people live,
either as rental tenants or as owners. Rental housing
ranges from huge apartment complexes in high-rise
buildings to single-family homes.
Apartments conventionally financed rentals
Apartments government-assisted and
affordable housing
Public housing owned and managed by a local
or state governmental agency
Condominiums, cooperatives, homeowners'
associations, and other common-interest developments
Rental single-family homes
Mobile home parks
Single-room occupancy apartments
Student housing
Senior housing and housing for the elderly from
independent living to full-scale assisted living
Military housing
MIXED-USE PROPERTIES
One that combines multiple uses within a single
project, making it inherently more complex to manage
than a single-use property. This complexity can be further
increased when there are multiple ownership structures
for example, condominium-owned residential units
combined with investor-owned retail space.
Residential units or commercial space on upper floors
and ground floor retail
Larger mixed-use planned communities
Mixed-use for entertainment and residential or cultural
and industrial use
The office building market is sophisticated and
competitive, requiring an experienced and responsive
management approach to operations, emergency
procedures and parking. Managers of office buildings
are challenged with the duty of providing a healthy
environment that increases productivity for the
employees of the tenants whose businesses are
conducted in those offices.
The type of businesses that operate within the property
determines all aspects of the building's operations, from
amenities offered to optimal building system performance.
Emergency procedures may be more involved, parking
and the movement of people in and out of the building are
management concerns, and the mechanical, safety, and
energy conservation systems are highly technical.
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IREM
Industrial properties function differently in that
businesses either move or manufacture products for
consumers. Properties vary widely in function and size.
In regards to product logistics, managers contribute by
providing sophisticated industrial properties where tenants
can move, store, distribute, and deliver products in a timely
fashion to meet consumer needs on both a domestic and
international level.
Managers of residential properties ensure that
residents are given a safe, clean and healthy environment
that they call home contributing to the residents' well-
being and the community that surrounds the property.
Rental housing is in use 24 hours a day/seven days a
week and must meet all of the needs of residents' daily
lives. This tends to increase the demand for maintenance
and repair and service expectations are high. There is
an emotional and financial investment in the real estate.
For this reason, residential property managers must have
strong people skills in addition to administrative skills.
Rental housing is affected by the architectural design,
the amenities, the neighborhood, the types of residents,
the owner's goals for the property, how it is financed
and much more. For example, high-rise apartments with
sophisticated HVAC equipment and elevators require
specialized maintenance, while large garden complexes
present challenges in maintaining lawns and recreational
facilities.
Additional skills and knowledge are required for
managers of assisted and public housing managing
the balance of the interests of all parties involved, all
while understanding applicable regulations. Owners,
government agencies, and residents each provide a
unique component.
Managing associations is quite different from managing
residential rentals because of the ownership structures
involved. The condominium or homeowners' association
acts on common concerns of the property owners,
including the hiring of property management service.
9
CAREERS IN REAL ESTATE MANAGEMENT
10
IREM
Property Management Firms
Companies that specialize in providing real estate
management services to individual and institutional owners
of real estate in exchange for a fee.
Full-Service Real Estate Companies
Companies that provide a full range of professional real
estate services, with third-party real estate management
being one of them. Their management departments
function in the same way as property management firms.
Real Estate Development Companies
Real estate managers on staff at development companies
are managing properties that are developed by the
company and owned by the company.
Commercial Banks
Property and asset managers are on staff to manage
the banks' portfolios of investment properties as well as
properties held in trust by the bank. They also are on staff
to take over management of properties that have been
turned over to the banks as a result of foreclosures
sometimes known as REO (real estate owned) properties.
Real Estate Investment Trusts
Real estate investment trusts (REITs) represent a way of
securitizing investment properties for groups of investors
who pool their funds together to purchase a portfolio of
properties. These REITs often employ property managers
directly to manage the individual properties and also have
real estate asset managers.
Corporations
Many large corporations have property and asset
managers working in their in-house real estate divisions
who are responsible for managing the companies' owned
properties which are used for conducting their business.
Government Agencies
Real estate managers are on staff managing government
housing programs and development programs through
municipal, state, and federal housing authorities and
nonprofit sponsors. These agencies can include everything
from the General Services Administration (GSA) that
manages federally owned commercial property to state
housing and government real estate departments to local
public housing and government agencies.
Insurance Companies
Insurance companies often have real estate in their
investment portfolios and thus hire property and asset
managers to manage these investment properties they
own directly or to provide portfolio management of
investment properties for large institutional investors and
pension funds.
Mortgage Brokerage Firms
Property and asset managers may be employed by
mortgage brokerage firms that provide real estate
management services in connection with their role as
financial lenders, as well as in marketing properties to
potential investors.
Religious and Charitable Organizations
Affordable, low-cost, and no-cost housing is often run by
religious or other charitable organizations. Sometimes
called supportive housing or affordable housing, this type
of property may include a social service component to
management providing training, job-finding, mental
health and other services on site to residents.
Employers of Real Estate Managers
Real estate managers are employed by owners of real estate either directly by the property owner or indirectly
through third-party management firms and the manager's job is affected by the type of employer.
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CAREERS IN REAL ESTATE MANAGEMENT
How Do I Prepare
for Career Success?
12
IREM
Subject areas that support preparation for a career in
real estate management include:
Finance courses to develop analytical and
computer skills; gain knowledge of basic financial and
accounting principles
Business courses to gain critical thinking and solid
organizational skills, and acquire general business
knowledge
Management courses to develop strong
interpersonal skills and business management skills
Real estate law or business law to acquire
understanding of related legal issues
Communication to cultivate strong written and oral
communication skills
Problem-solving to strengthen critical thinking and
solid organizational skills
College and University
Programs
Because real estate management is competitive and
increasingly complex, the future will demand exceptional
performance from practitioners, including extensive,
continuing education.
Real estate has emerged as a field that demands more
advanced education. For those entering the field and
those seeking career advancement, earning a degree in
real estate, while not a requirement for a successful career
in real estate management, is highly recommended. Many
colleges and universities offer real estate and property
management courses, more and more offer degrees in
real estate, and a few offer degrees in property
management. See the next page for a list of colleges and
universities. Likewise, a bachelor's degree or a master's
degree in business administration or finance can provide
a meaningful educational foundation in the field.
If a four-year university degree is not an option, two-year
colleges and community colleges are viable alternatives
and may offer associate degree programs, real estate
certificate programs, or continuing education programs
in real estate. These can be great sources for education
because they offer hands-on, practical knowledge.
Now that you know what a real estate manager does, how
do you gain the knowledge and learn the skills needed to
suceed in your career journey?
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CAREERS IN REAL ESTATE MANAGEMENT
Schools that offer Property Management and/or Real Estate degree programs:
(in alphabetical order)
American University
Washington, D.C.
MS in Real Estate
Graduate Certificate in Real Estate
Ball State University
Muncie, IN
MA/MS with Emphasis in Residential
Property Management
BA/BS in Residential Property
Management
Undergraduate Minor in Residential
Property Management
Undergraduate Certificate in Apartment
Management
Brigham Young University
Provo, UT
BS in Facilities Management
California State University, Fullerton
Fullerton, CA
BA in Finance with Real Estate Track
Cornell University
Ithaca, NY
Master of Professional Studies in Real
Estate (MPS RE)
MPS RE / MRP (Masters of Regional
Planning) Dual Degree
Graduate Minor in Real Estate
Undergraduate Minor in Real Estate
Curry College
Milton, MA
BA in Business Management with
Residential Property Management
Concentration
Drexel University
Philadelphia, PA
MS in Property Management
BS in Property Management
Minor in Property Management
Undergraduate Minor in Real Estate
Georgetown University
Washington, D.C.
Master of Professional Studies in Real
Estate (MPS RE) with concentrations in:
- Real Estate Development
- Construction Management
- Real Estate Finance
- International Global Real Estate
Marylhurst University
Portland, OR
MBA in Real Estate
The University of Alabama
Tuscaloosa, AL
MS in Finance with Specialization in
Real Estate
BS in Finance with Specialization in
Real Estate
University of Alaska Anchorage
Anchorage, AK
BBA in Management with focus in the
Property Management and Real Estate
Concentration
Undergraduate Minor in Real Estate
University of Baltimore
Baltimore, MD
BS in Real Estate and Economic
Development
University of Central Florida
Orlando, FL
Professional MS in Real Estate
BS/BA in Real Estate
Undergraduate Minor in Real Estate
University of Denver
Denver, CO
BSBA in Real Estate and the Built
Environment (MS REBE) with
specialization in Real Estate,
Property Development and
Integrated Project Delivery
Minor in Real Estate
University of Georgia
Athens, GA
BBA in Real Estate
BS in Housing Management and
Policy with Residential Property
Management Emphasis
Minor in Housing Management
and Policy
MBA with Real Estate Concentration
PhD in Real Estate
University of Missouri Kansas City
Kansas City, MO
MS in Entrepreneurial Real Estate
MBA with Emphasis in Real Estate
BBA with Emphasis in Real Estate
University of North Texas
Denton, TX
BBA in Real Estate with Residential
Property Management Concentration
BBA in Real Estate
Undergraduate minor in Residential
Property Management
Certificate of Residential Property
Management
University of Northern Iowa
Cedar Falls, IA
BA in Real Estate
Undergraduate Minor in Real Estate
Undergraduate Minor in Real Estate -
Business
Undergraduate Certificate in Financial
and Real Estate Sales for Business
Majors
University of San Diego
San Diego, CA
MS in Real Estate
Dual MBA/MS in Real Estate
BS/BA in Real Estate
Undergraduate Minor in Real Estate
University of Texas at San Antonio
San Antonio, TX
BBA in Real Estate Finance and
Development
MBA with Real Estate Finance
Concentration
MS in Finance with Real Estate Finance
Concentration
Graduate certificate in Real Estate
Finance and Development
University of Wisconsin-Stout
Menomonie, WI
BS in Real Estate and Property
Management
Minor in Property Management
Valencia College
Orlando, FL
AS in Residential Property Management
Virginia Polytechnic Institute and
State University
Blacksburg, VA
BS in Real Estate
BS in Property Management
Undergraduate Minor in Real Estate
Undergraduate Minor in Residential
Property Management
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IREM
" A career in Property Management
becomes exciting when you
have an opportunity to make
an improvement to the tenant's
experience. That could come in
the form of a tenant appreciation
event, a tenant improvement
project, capital projects and
pretty much anything new that
you can add to a building to
make a change. It's exciting
to see that joy coming from a
tenant and also it becomes a
learning experience for you
because no two projects are
alike and each comes with its
own opportunities and lessons."
Samantha Oden,
Howard University,
Class of 2007
Internships
The best introduction to any career is first-hand
experience, and an internship can provide this. Internships
present an opportunity to "try the job on for size" by
presenting a chance to experience the management
business before committing to the field. An internship
offers the opportunity to learn new skills and begin building
a professional network of colleagues in the industry.
It's not uncommon for successful internships to conclude
with job offers. After all, for employers, internships
create an opportunity to take a good look at potential job
candidates and assess their knowledge and abilities and
how the interns might fit into the organization.
Some university real estate programs require an
internship, and the school will assist in arranging
internship opportunities and may offer college credit.
Informational Interviews
An informational interview is an interview conducted
to collect information about a career field, industry, or
company. An informational interview with a real estate
management practitioner is an opportunity to hear first-
hand what a property manager does, gain some insights
into the skills and experience required to succeed, find
out about typical career paths.
Job Shadowing
Another way to gain information about careers in real
estate management is through job shadowing. Job
shadowing is a short-term (usually one day or less)
career-exploration experience that creates an opportunity
to learn more about a career by shadowing a practitioner
and experiencing it first-hand. While closely related
to informational interviews, job shadowing has the
added benefit of providing a glimpse at what it's actually
like working as a property manager what the work
environment is like, some of the skills that are required
while at the same time providing an opportunity for lots
of questions.
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CAREERS IN REAL ESTATE MANAGEMENT
Professional Organizations
Almost every profession has some kind of professional
organization behind it that plays a critical role in
establishing best practices and ethical standards, offering
education and knowledge transfer, and creating forums for
networking and idea exchange.
Most give professional certifications and designations
that are a supplement to and sometimes necessary for
a successful career. According to one national poll,
86% of hiring managers surveyed cited involvement
in trade or industry associations as beneficial to an
employee's career.
The benefits of belonging to an industry-leading association
are limitless. It is through membership associations that
many business contacts and deals are made.
IREM (Institute of Real Estate Management) through
training, professional development, and collaboration, IREM
supports our members and others in the industry through
every stage of their career.
Not only does IREM offer numerous benefits at a national
level; its 80 chapters in the US and 15 international chapters
provide opportunities for education on local issues as well
as excellent networking.
IREM offers a number of credentials and memberships
based on career stages. (See IREM Credentials.)
Of special note to those considering or just beginning a
career in real estate management are:
Student Membership for full-time students attending
an accredited college or university
Associate Membership for newcomers to the field and
others seeking access to IREM's benefits and services
Real Estate Licensing
All states in the United States have real estate licensing
regulations, and most states require a real estate license in
order to practice third-party real estate management. The
specific regulations governing real estate licenses vary
from state to state and position to position. Real estate
licensing agencies often require specific education to
obtain the license at the outset, plus continuing education
to maintain the license.
IREM Credentials
The true value of an IREM credential in real estate
management is the credibility it registers with property
owners and employers who want to be confident they
are selecting competent and ethical managers to work in
their companies and be accountable for their real estate
investments. IREM offers three professional credentials for
real estate managers:
Certified Property Manager
For property and asset managers of
any property type who are ready to
achieve their desired endgame of
lifelong career success.
Accredited Residential Manager
For residential property managers
newer to the profession and aspiring
to take the next step in their careers,
and gain control over their future.
Accredited Commercial Manager
For commercial property managers
newer to the profession and aspiring to
take the next step in their careers, and
gain control over their future.
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IREM
The IREM Foundation supports
initiatives developed or endorsed by
IREM that increases diversity, the
engagement of young professionals,
and expansion of industry knowledge.
The Foundation offers scholarships
for IREM members looking to offset
the costs of pursuing a credential.
www.iremfoundation.org
IREM Starter Courses
Managing Residential Properties - RES201
A comprehensive, one-stop-shop solution to
understanding and implementing the essentials of
residential property management. From operations to
finance to human resources, you'll get every skill you
could possibly need to optimize residential management,
and enhance your reputation in your marketplace.
Managing Commercial Properties - CML201
A comprehensive online course covering all the bases
for commercial property management in an interactive,
hands-on format. Students will apply knowledge concepts
right away by engaging in the decision-making process
for a variety of property types, including office buildings,
shopping centers, and industrial properties.
" Property management excites
me because of the constant
challenges that arise. This
field has allowed me to
learn about a wide variety of
industries and I know that I've
only scratched the surface."
Jennifer Kautz, CPM Candidate,
Piedmont Office Realty Trust, Minneapolis, MN
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CAREERS IN REAL ESTATE MANAGEMENT
How Do I Get Started?
18
IREM
Networking
The number one way most college graduates find
employment is through networking. This applies to
students looking for their first jobs, as well as those
making career changes or business moves.
As soon as there is a vacancy, or better yet, when
employers are aware that one of their positions will
become vacant, they start looking for quality candidates.
In some cases, they may find a candidate from within
the organization to fill the position. If not, employers will
certainly consider a recommendation from current staff
regarding a potential candidate outside of the organization.
This is where your effective networking will have an impact.
For students, the best ways to do this are by talking
to people who are currently working in the real estate
management field, letting your professors know what types
of jobs interest you, socializing with your fellow classmates
and alumni, and taking part in career days. You should
make a list of everyone you know who can help you out
and put in a good word for you. The list should include
parents, friends, previous employers, and professors.
Anyone who might have a possible job lead or know
someone who can help should be on the list.
OCCUPATIONAL TITLE
NUMBER OF
EMPLOYMENT
POSITIONS 2016
CHANGE 2016-2026
NUMBER
PERCENT
PROPERTY, REAL ESTATE, AND
COMMUNITY ASSOCIATION MANAGERS
317,300
+32,600
+10%
Source: US Department of Labor Projections Data
These findings are supported by U.S. Department of Labor data
that indicate that the need for real estate managers is expected
to increase by 10% during the 20162026 decade.
Career opportunities for real estate managers are extensive.
Job growth among real estate managers is expected to
accompany the projected expansion of the real estate and
rental and leasing industry.
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CAREERS IN REAL ESTATE MANAGEMENT
Young Professional Programs
Many real estate professional organizations have young
professional programs that bring together like-minded
pre-career students and early-career practitioners. These
groups typically offer career development and networking
programs tailored to individuals who are just entering the
workforce.
Real Estate Clubs
For college and university students, real estate clubs offer
outstanding networking opportunities, not only with other
students, but, more importantly, with industry professionals
with whom the clubs frequently interact. Because student
clubs can be successful in fostering awareness of
careers in real estate and property management, IREM
encourages the formation of such clubs and supports
those that apply for and gain recognition as IREM Student
Clubs.
Industry and Community Events
Events organized by professional associations, a local
community or charitable organizations, all have one thing
in common they bring like-minded people together.
The IREM Global Summit is unique in that it provides a
plethora of professional learning opportunities designed to
strengthen skills and stay current with industry topics. The
conference occurs every fall in desirable locations.
IREM and other professional associations and trade
groups also have local chapters and affiliates throughout
the United States that conduct regular meetings, sponsor
educational programs, and host networking events.
These can be invaluable in creating local connections
with industry practitioners.
"Job candidates can find out
more about companies to
target during a job search by
attending industry meetings,
reading trade journals, and
taking IREM classes."
Shannon Alter, CPM
IREM Instructor
"The day before I became a
CPM, there was a meeting and
the presenter looked me square
in the eye and asked, 'Why
are you not involved in IREM?'
In professional real estate
management, it's not what you
know it's who you know. IREM
really puts you in front of the
who. There are paybacks in
terms of the credibility that
comes with IREM credentials. I
have heard from our Accredited
Management Organization
firms that they are finding,
especially in appointments of
receiverships and that sort of
work, they frequently aren't
even competing with other firms
trying to get that work. The
courts and trustees see these
people that have the credentials
behind them and they're just
" Good propty manag ment
matters for the community.
A well-run community can
create good relation hips,
maintain them, and make an
i fluence on the surrounding
communities and people."
Arty Fonov,
University of Alaska Anchorage,
Class of 2019
20
IREM
Online Job Boards
And while popular job boards still remain, attention has
shifted to niche job boards that allow employers to get
rsums or responses from people who are relevant.
According to The Wall Street Journal's executive career
site CareerJournal.com, hiring managers are more open
to using industry-specific sites because the big job boards
produce too many unqualified applicants which need to be
weeded through. Placing a rsum on a niche, industry-
specific job board gives you, the job candidate, more
credibility and displays serious interest in the industry
as a whole.
Be sure to visit every site you can, evaluate those that
offer the most advantages, and bookmark your favorites.
In particular, study the job listings to get a feel for which
sites offer the most jobs in your field.
Online job boards enable job seekers to:
Search through or browse through multiple jobs
Research employers
Read informative career and business articles
Create a rsum using online templates
Post a rsum for employers and recruiters
to search
Automatically receive job notifications by email
Attend virtual job fairs and locate live
career events
Network through bulletin boards, chat rooms,
and newsgroups
Explore college and diversity resources, and
much more
For those seeking a job in real estate management,
the first stop should be IREM's job board
www.IREMjobs.org free for job
seekers. Because the site is administered by
IREM, its listings are specific to the real estate
management industry.
21
CAREERS IN REAL ESTATE MANAGEMENT
Social Media
Employers are increasingly turning to social media to
recruit potential job candidates, attract candidates with
specific skill sets, and provide access to candidates
seeking more information about the company and
available positions. While LinkedIn is the most widely
used social network for employers, Facebook, Twitter, and
others also are used. If you want those employers to find
you you must be active and visible on these sites.
Let people know you are looking, recognize social media
for its networking capacity, create a comprehensive
and robust LinkedIn profile that tells the story you want
employers to hear while keeping your Facebook profile
private, join industry conversations via Twitter, and
participate in industry blogs by responding to postings that
show your interest in and knowledge about the industry.
Rsums
Searching for a job requires a neat, accurate, typo-free,
updated rsum to send and hand out to prospective
employers.
Work experience is obviously the most vital piece
of information on a rsum, even if only part-time
or internship positions. It shows recruiters you are
responsible and know how to hold down a job. When
describing previous employment, use statistics and data
showing you produced results. Also, tailor your rsum to
the particular job you are applying for by using key words
and phrases from the job description. Remember, first and
foremost, real estate management is all about dealing with
people and problems. Any information you can provide
about how you have handled a problem or experience
you have had in a leadership position will do wonders in
getting your rsum noticed. Showing you have a passion
for serving others and a can-do attitude will make a
statement about your abilities.
22
IREM
Interviewing
The purpose of an interview is to help the employer get
to know you better and to help you get to know the
organization. Your actions and responses should be
directed toward telling the employer as much as possible
about you and obtaining as much information about the
organization as you can.
Before going on an interview, research the company
and be prepared to ask intelligent and well thought-
out questions. Find out as much as you can about the
company through its website, industry associations,
employees, business journals, etc. anything that will
give you more insight to the company and its culture.
You can even visit one of the company's properties
before your interview.
Respond with replies that are clear and relevant. Pausing
for a moment to gather your thoughts is not only helpful
but wise. Get directly to the point, and only discuss the
facts needed to respond to the question, being truthful
and positive at all times.
Prior to the interview, take the time to think through
answers to typical interview questions. Formulating your
answers in advance and practicing them aloud will help
you solidify your thoughts and ultimately give you more
poise and confidence during the actual interview.
Finally, make sure you bring a pen and paper to the
interview, and use them. It will show you are genuinely
interested in being the person to fill the position. If nothing
else, it enables you to jot down the names and titles of the
people you met so you can send them a follow up thank
you letter.
What you do after the interview is also important. Always
send a thank you letter (handwritten or email) to all of
the individuals who interviewed you. Keep it short, but do
reinforce your interest in the position.
23
CAREERS IN REAL ESTATE MANAGEMENT
How Much Can I
Expect To Earn?
24
IREM
The ever-changing nature of the real estate industry
has created and continues to create employment and
career possibilities for those committed to continuous
improvement, performance excellence, and the highest
quality and level of service to customers. Individuals
entering or advancing within the real estate industry have
more and a wider range of job prospects than ever before.
Cash compensation (the combined annual base salary
and incentive bonus) for those entering the business is
contingent upon several factors including, but not limited to:
Geographic location
Experience
Educational level
Achievement of one or more professional credentials
The position and primary job responsibilities
The industry sector and employer
In addition to base salary and the potential for an annual
incentive bonus, other benefits may also include:
Health care benefits
Pension and 401(k) plans
Flextime
Housing allowance (occasionally provided to
on-site multifamily property managers)
Membership in professional associations
Continued education and training
Participation in equity ownership of real estate
or company ownership
compensation data
There are several sources of compensation
data for the real estate management
industry. Two of these sources are:
IREM, which performs profile and compensation
studies of its credentialed CPM and ARM
members every three years.
CEL & Associates, Inc., which provides
consulting services to the real estate industry.
CEL & Associates created its first National Real
Estate Compensation and Benefits Survey in
1989 and has been regularly conducting the
survey ever since.
The real estate industry attracts individuals with entrepreneurial
attitudes who view challenges as opportunities and hard work
as a springboard to advancement and success.
25
CAREERS IN REAL ESTATE MANAGEMENT
POSITION
BASE SALARY RANGE (1)
ACTUAL BONUS
AS % OF SALARY (2)
low
median
high
average
OFFICE/INDUSTRIAL POSITIONS
ASSET MANAGEMENT
TOP ASSET MANAGEMENT EXECUTIVE
$208,000
$251,700
$328,000
55.20%
SENIOR ASSET MANAGEMENT EXECUTIVE
$158,700
$185,400
$236,400
35.10%
PORTFOLIO MANAGER
$101,400
$126,900
$149,200
24.80%
SENIOR ASSET MANAGER
$110,400
$151,600
$179,200
26.50%
ASSET MANAGER
$91,300
$117,100
$144,900
22.30%
PROPERTY MANAGEMENT
TOP PROPERTY MANAGEMENT EXECUTIVE
$159,600
$208,800
$274,100
50.40%
VICE PRESIDENT PROPERTY MANAGEMENT
$143,400
$177,800
$227,700
25.40%
REGIONAL PROPERTY MANAGER
$111,700
$147,300
$177,700
26.10%
SENIOR PROPERTY MANAGER
$98,500
$113,300
$131,100
16.50%
PROPERTY MANAGER I (1,000,000 SQ.FT.)
$88,400
$107,200
$130,000
13.70%
ASSISTANT PROPERTY MANAGER
$53,600
$59,800
$67,000
7.90%
SENIOR FACILITY MANAGER
$86,800
$105,400
$126,600
13.00%
OPERATIONS ANALYST
$58,300
$68,300
$77,600
16.40%
OPERATIONS DIRECTOR/MANAGER
$87,000
$101,800
$117,900
14.20%
REGIONAL/PORTFOLIO MAINTENANCE ENGINEER
$96,200
$106,400
$122,600
13.40%
BUILDING ENGINEER/CHIEF ENGINEER
$61,600
$70,400
$86,700
7.00%
MAINTENANCE SUPERVISOR/LEAD ENGINEER
$67,300
$77,000
$92,200
8.60%
MAINTENANCE ENGINEER/TECHNICIAN II (MID-LEVEL)
$47,500
$55,900
$63,700
5.80%
MAINTENANCE ENGINEER/TECHNICIAN I (ENTRY-LEVEL)
$40,000
$47,300
$52,700
5.00%
RESIDENTIAL POSITIONS
ASSET MANAGEMENT
TOP ASSET MANAGEMENT EXECUTIVE
$169,400
$231,600
$277,000
77.20%
SENIOR ASSET MANAGEMENT EXECUTIVE
$137,500
$160,800
$233,500
36.30%
PORTFOLIO MANAGER
$102,400
$116,300
$135,800
22.60%
SENIOR ASSET MANAGER
$104,200
$114,200
$140,300
26.10%
ASSET MANAGER
$75,500
$89,500
$107,000
17.90%
PROPERTY MANAGEMENT
TOP PROPERTY MGMT. EXECUTIVE
$193,800
$262,200
$342,300
75.30%
VICE PRESIDENT PROPERTY MANAGEMENT
$139,500
$175,000
$221,700
30.90%
REGIONAL PROPERTY MANAGER
$96,300
$114,100
$132,500
18.90%
SENIOR PROPERTY MANAGER
$67,700
$81,500
$98,300
17.40%
ON-SITE COMMUNITY MGR. I (450 UNITS)
$68,200
$74,200
$86,600
17.70%
CEL & ASSOCIATES, INC./CEL COMPENSATION ADVISORS, LLC SURVEY COMPLETED 2017
ALL COMPANIES CONSOLIDATED RESULTS
26
IREM
CEL & ASSOCIATES, INC./CEL COMPENSATION ADVISORS, LLC SURVEY COMPLETED 2017
ALL COMPANIES CONSOLIDATED RESULTS
POSITION
BASE SALARY RANGE (1)
ACTUAL BONUS
AS % OF SALARY (2)
low
median
high
average
property management continued
ASSISTANT PROPERTY MANAGER
$36,300
$41,200
$48,000
12.80%
ON-SITE ADMINISTRATOR
$32,500
$43,000
$51,700
8.80%
RESIDENT SERVICES MANAGER
$39,000
$51,600
$65,800
9.60%
CONCIERGE
$32,400
$37,800
$45,400
7.70%
OPERATIONS ANALYST
$55,400
$76,000
$91,200
6.90%
OPERATIONS DIRECTOR/MANAGER
$65,300
$90,300
$128,500
16.00%
REGIONAL/PORTFOLIO MAINTENANCE ENGINEER
$73,000
$91,200
$103,100
11.20%
MAINTENANCE SUPERVISOR/LEAD ENGINEER
$47,000
$53,000
$61,100
9.30%
MAINTENANCE ENGINEER/TECHNICIAN II (MID-LEVEL)
$36,700
$41,800
$47,400
5.80%
MAINTENANCE ENGINEER/TECHNICIAN I (ENTRY-LEVEL)
$33,100
$37,900
$41,300
6.60%
MAKE READY MAINTENANCE TECH
$30,100
$34,100
$39,000
4.60%
GROUNDSKEEPER/PORTER
$25,300
$27,600
$30,700
4.60%
HOUSEKEEPER/CUSTODIAN/JANITORIAL
$25,300
$27,900
$31,600
4.90%
RETAIL POSITIONS
ASSET MANAGEMENT
TOP ASSET MANAGEMENT EXECUTIVE
$205,800
$252,000
$347,500
61.80%
SENIOR ASSET MANAGEMENT EXECUTIVE
$166,100
$227,500
$283,300
53.20%
PORTFOLIO MANAGER
$102,900
$125,700
$157,000
22.30%
SENIOR ASSET MANAGER
$117,700
$154,300
$193,100
26.20%
ASSET MANAGER
$91,800
$115,300
$140,200
22.90%
PROPERTY MANAGEMENT
TOP PROPERTY MANAGEMENT EXECUTIVE
$166,100
$205,300
$258,000
45.40%
VICE PRESIDENT PROPERTY MANAGEMENT
$141,000
$183,200
$215,200
35.30%
REGIONAL PROPERTY MANAGER
$112,500
$139,700
$168,600
23.10%
SENIOR PROPERTY MANAGER
$99,500
$120,200
$141,000
16.80%
PROPERTY MANAGER I (500,000 SQ.FT.)
$82,000
$102,200
$130,200
14.10%
ASSISTANT PROPERTY MANAGER
$55,100
$63,200
$72,800
9.90%
SENIOR FACILITY MANAGER
$95,300
$111,500
$128,400
12.90%
OPERATIONS ANALYST
$49,300
$62,000
$73,900
11.30%
OPERATIONS DIRECTOR/MANAGER
$87,700
$107,200
$134,100
13.10%
REGIONAL/PORTFOLIO MAINTENANCE ENGINEER
$100,900
$114,400
$130,200
12.70%
BUILDING ENGINEER/CHIEF ENGINEER
$66,500
$72,500
$89,000
7.40%
MAINTENANCE SUPERVISOR/LEAD ENGINEER
$65,500
$81,500
$96,300
9.30%
MAINTENANCE ENGINEER/TECHNICIAN II (MID-LEVEL)
$49,200
$57,700
$66,500
6.00%
MAINTENANCE ENGINEER/TECHNICIAN I (ENTRY-LEVEL)
$40,600
$45,800
$53,600
5.40%
(1) High = 75th percentile, Median = 50th percentile, Low = 25th percentile.
(2) CEL & Associates, Inc. has intentionally excluded salary and/or extraordinary annual bonus awards from this table in order to not distort the results.
27
CAREERS IN REAL ESTATE MANAGEMENT
INSTITUTE OF REAL ESTATE MANAGEMENT
CPM COMPENSATION STUDY, 2016
AVERAGE COMPENSATION OF THOSE WHO HOLD THE
CPM DESIGNATION:
years of experience
salary
total
compensation
Less than 10
$ 81,609
$ 94,472
10 14
$ 93,569
$113,189
15 19
$ 95,319
$115,232
20 24
$109,201
$138,587
25 +
$127,862
$175,549
position
salary
total
compensation
PRESIDENT/CEO
$153,049
$246,008
OWNER/PARTNER
$138,094
$236,805
OFFICER/DIRECTOR/VP
$136,722
$178,634
DEPARTMENT HEAD
$121,833
$149,022
ASSET/PORTFOLIO MANAGER
$102,907
$130,380
REGIONAL/DISTRICT MANAGER
$105,431
$125,610
PROPERTY MANAGER/
SUPERVISOR
$ 87,576
$ 99,405
FACILITIES MANAGER
$ 87,791
$ 98,018
SITE MANAGER
$ 85,505
$ 91,087
INSTITUTE OF REAL ESTATE MANAGEMENT
ARM COMPENSATION STUDY, 2016
AVERAGE COMPENSATION OF THOSE WHO HOLD THE
ARM CERTIFICATION:
years of experience
salary
total
compensation
1 3
$46,934
$52,095
4 6
$45,989
$50,894
7 10
$53,957
$60,785
11 15
$61,397
$69,147
16 20
$58,575
$67,694
21+
$72,318
$84,539
type of organization

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